July ICE NY cocoa (CCN26) today is up +257 (+6.22%), and July ICE London cocoa #7 (CAN26) is up +175 (+5.64%).
Cocoa prices today added to this week's surge, with NY cocoa posting a 2.75-month high and London cocoa posting a 3.5-month high. Cocoa is rallying sharply today amid concerns that the formation of an El Niño weather pattern could lead to warmer, drier conditions in West Africa, potentially damaging the region's cocoa production. The US National Oceanic and Atmospheric Administration (NOAA) estimates a 61% probability that El Niño conditions will emerge between May and July and persist through the end of the year, with a one-in-four chance of a "Super El Niño." Cocoa prices also have support from early surveys of the 2026/27 West African cocoa crop that show below-average cherelle formation on cocoa trees, signaling a weak outlook for the main cocoa harvest, which begins in October.
